Unicover Haunts: Sphere Drake Guilty of Fraud

AlphaStar Insurance Group Limited (Nasdaq: ASIGE) ("Company") issued a press release stating that the Commercial Court in London yesterday handed down a decision in a lawsuit brought by Sphere Insurance Limited ("Sphere Drake"), finding that two of the Company's London subsidiaries, and two of their former officers, had participated in a scheme to defraud Sphere Drake. That scheme was nothing less than the infamous Unicover scandal that rocked the workers' compensation industry, and was a catalyst for today's inadequate pricing and carrier failures as insurers and reinsurers lost billions in t...